What was the value of the note receivable for Body Brain Center as of December 31, 2023?
Body_Brain_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
nterest thereon at 5.47% per year. Borrower shall make a monthly payment in the amount of $1,048.42 for interest. The unpaid principal shall be payable in full on or before June 9, 2025 (the "Due Date").
On September 21, 2024 ("Effective Date"), Body & Brain Yoga and Health Centers, Inc., an Arizona corporation (the "Borrower") promises to pay to the order of the Company (the "Lender"), the sum of $150,000 with interest thereon at 4.73% per year. Borrower shall make a monthly payment in the amount of $591.25 for interest. The unpaid principal shall be payable in full on or before September 21, 2025 (the "Due Date).
On November 8, 2024, the Company received
Source: Item 23 — RECEIPT (FDD pages 43–178)
What This Means (2025 FDD)
According to Body Brain Center's 2025 Franchise Disclosure Document, the company's financial statements include notes regarding a note receivable. Specifically, on November 8, 2024, Body Brain Center received a payment of $100,000 related to a $380,000 note receivable. Following this payment, the existing two notes were consolidated, and a new note agreement for the remaining $280,000 was executed on November 9, 2024.
Under the terms of the new agreement, Body & Brain Yoga and Health Centers, Inc. agreed to repay Body Brain Center the principal amount of $280,000, with interest accruing at 4.36% per annum. The borrower is required to make monthly interest payments of $1,017.33, with the unpaid principal balance due in full on or before November 9, 2025.
While the document details the transactions and agreements surrounding the note receivable, it does not explicitly state the exact value of the note receivable as of December 31, 2023. A prospective franchisee should request clarification from Body Brain Center regarding the specific value of the note receivable on this date to gain a clearer understanding of the company's financial position.